Financing Startup and Early-Stage Companies
in the Kansas City Region: June 2015
WE CREATE CAPITAL
WHERE WILL KANSAS CITY
FIND JOBS?
Kansas City has a proud tradition of economic and
entrepreneurial success, spanning several generations.
The community, however, has been slow to replace
jobs lost during the recent Great Recession.
PERCENT CHANGE
IN EMPLOYMENT
Kansas City has one of the lowest
percentages of employment growth
since November 2013 when compared to
the 12 peer metropolitan areas typically
used to benchmark our region.
November 2013 - November 2014
4
3
3.2
2.9
2.8
2.7
2.7
2.6
2.5
2.3
2
2.2
2.1
1.3
1
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1
Research by the Kauffman Foundation shows that
of the 12 million new U.S. jobs added in 2007 alone,
young firms (up to age five) were responsible for
creating nearly 8 million of those jobs.
Fully leveraging and sustaining the emerging
entrepreneurial movement is critical to increasing
job growth in Kansas City.
WE CREATE CAPITAL
The Kansas City region can increase regional
growth rates, job creation and wealth creation by
increasing access to capital for growth-oriented
startup and early-stage businesses.
FUNDING
BY THE NUMBERS
THE COMMUNITY NEEDS TO:
1
build capacity in organizations that
can provide capital,
2
encourage the formation of new
microloan programs, angel investor
groups, seed capital funds and
venture capital funds and
To accomplish these strategies,
regional investors, community leaders,
corporations, nonprofit organizations,
entrepreneurs, educators and
public policymakers need to work
collaboratively to set objectives.
3
build capacity in existing
nonprofit organizations that
provide assistance to
entrepreneurs seeking capital.
WHAT WILL IT TAKE TO FUEL THE FIRE
FOR EARLY-STAGE COMPANIES?
+
WE NEED more experience and connectivity to take advantage of tens
of millions of dollars in both federal and private funding that could be
supporting our businesses.
+
WE NEED to take a step today, or our tomorrow will look the same.
+
WE NEED to make that step impactful.
$10,000
typical startup capital for small
businesses
$80,000
typical startup capital for high-tech
companies, with financing usually
coming from a combination of debt
and equity
51%
of funding for small businesses comes
from loans
7%
of funding financed by credit cards
4%
of funding comes from angel or
venture capital
$0
amount of startup capital for about
one-third of new non-employer and
12% of employer startups
Source: U.S. Small Business Administration
This report outlines specific steps
that can drive early-stage funding
for Kansas City’s future. >
+
WE NEED TO DO IT TOGETHER.
2
WE CREATE CAPITAL
LOANS
WHAT’S THE GAP?
Businesses that can’t qualify for bank loans can
build credit through credit-building loans, access
alternative loan funds or take advantage of SBA
loan guarantees. Moving businesses along this
path sets them up to be “bankable,” where
they can be good bank customers and build
their businesses.
BUILDING A CONTINUUM FOR
s
en
cy
Us
Im
e
pro
Cr
v
ed e
it S
co
re
Im
pro
Cr
v
ed e
it S
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re
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e
d S ve
tar lop
tup me
nt
Ac
ce
ler
ati
on
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rly
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xp rati
an on
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On
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& E in
xp g O
an pe
sio rat
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ion
erg
BANKABLE
Bank Loans
BANKABLE with guarantees
SBA Bank Loan Guarantees
Lower risk <5M
UNBANKABLE
Community Advantage
High risk <50-250K
Microloans
High risk <50K
High risk <2500
High risk <1000
A cohesive infrastructure for loans
less than $250,000 for non-bankable
entities did not exist in Kansas City in
2009. A partnership between many
organizations has been working
diligently to build solutions.
Kansas City’s largest microloan
program is the KC Regional Microloan
Fund operated by Justine PETERSEN
in partnership with OneKC for
Women, the KCMO CDE, the city
of Kansas City, MO KC BizCare and
other partners including a number of
financial institutions.
KC REGIONAL
MICROLOAN PROGRAM
EARLY-STAGE LOAN INFRASTRUCTURE
Em
3
Credit-Building Loans
Secured Credit Cards
Personal Emergency Loans
BY THE NUMBERS
2012
$3 million
Launched in
in lending
262
loans with an average loan size of
$11,000
59% to women
45% to minorities
Approximately 800 jobs
Default rate less than 3%
This highly successful microloan
program benefits less than 2%
of the microenterprises in
Kansas City.
High risk <500
?
Bankable companies have the collateral,
track record and/or cash flow to qualify for
conventional bank small business financing.
“Non-bankable” companies typically need
access to alternative loans or bank guarantees.
as their primary mission. While many CDFIs
serve as community development banks, they
can offer microenterprise funds which provide
small amounts of business capital to small
scale entrepreneurs.
Community Development Financial
Institutions (CDFI) are private-sector financial
intermediaries with community development
The Community Reinvestment Act (CRA)
of 1977 is intended to encourage depository
institutions to help meet the credit needs
of the communities in which they operate,
including low- and moderate-income
neighborhoods. Lending institutions can
receive favorable CRA consideration for
investments in a pool that would be used
to make microloans to promote economic
development in a regional area that includes
the institution’s assessment area.
WE CREATE CAPITAL
Increase the availability of alternative loans
to $10 million by 2020.
n The Kansas City Regional Microloan
Fund has demonstrated the value
of microloans to support
“unbankable” companies.
n Underutilized federal programs
through the SBA and U.S. Treasury
could rapidly introduce more
alternative loan funding to
Kansas City.
n Kansas City needs to build microloan
servicing experience to qualify for
additional federal funds.
n OneKC for Women and KCMO CDE
have agreed to pursue needed
federal certification.
Next
Increase Kansas City Regional
Microloan
Establish a $5 million SBA-backed
microloan
Use CDFI funds to create $2 million
loan pool
NOW
$3M
$5M
+
NOW
$0M
$5M
+
NOW
$0M
$2M
+
Maximize use of revolving loan funds
NOW
$?M
Explore U.S. Treasury New Market Tax
Credit options
$3M
+
NOW
$0M
TOTAL
$3M
$2M
$10
TO
$17M
WHAT’S IT GOING TO TAKE?
INCREASE LOAN CAPITAL
INCREASE ACCESS TO LOANS
+
ally CRA funding to support early-stage loan funding
R
mechanisms and programs.
+
Convene
an ad hoc committee to review existing alternative
loan funds for activity and available funds.
+
dd additional capacity and support fundraising for an
A
initial microloan pool for OneKC for Women to achieve the
experience necessary to garner the $5 million SBA-backed
microloan program.
+
Increase
community support for programs that provide
entrepreneurial and business development training to
develop a pipeline of borrowers for the various loan
products offered by traditional and non-traditional lenders.
+
ssist OneKC for Women and KCMO CDE in applying for
A
and achieving CDFI certification, accessing funds for loan
pools and expanding capacity to administer loans and
provide technical assistance.
+
Create
a strong marketing program that raises awareness
of existing loan products and services to appropriate
audiences.
+
+
onvene an ad hoc group to explore U.S. Treasury New
C
Market Tax Credits (NTMC) and work with existing CDEs
to promote NMTC Program to businesses and support
additional allocation requests to the region.
Develop
a “train the trainer” module to educate service
providers and entrepreneurs in the Kansas City region
about available alternative loan programs and application
procedures to get alternative loans.
+
FURTHER STUDY: Convene an ad hoc committee to
review small business lending practices by banks and
identify hurdles banks face in deploying more capital in
the community.
4
5
WE CREATE CAPITAL
GRANTS
Business plan competitions, reward-based
crowdfunding and other contests have given rise
to grant funds that often move concepts to a
point where they can be validated in the market.
Digital Sandbox KC was established in
2013 to provide support for proof-ofconcept projects. LaunchKC grants of
$50,000 each will become available in
2015 to attract companies to Kansas
City, Missouri.
Additionally, federal agencies with
extramural research and development
budgets that exceed $100 million are
required to set aside annually a portion
of that funding to the Small Business
Innovation Research (SBIR) and Small
Business Technology Transfer (STTR)
programs. These programs provide
some of the very few federal grants
available for small companies. SBIR and
STTR programs can assist very earlystage and established companies.
WHAT’S THE GAP?
Originally launched through a federal
grant from the U.S. Department of
Commerce Economic Development
Administration, Digital Sandbox KC
provides about $20,000 per company
in proof-of-concept resources for
market validation, prototyping and
beta testing of digital technologies
within new and existing businesses.
In addition to this support, Digital
Sandbox links companies to a variety
of resources to help with business
development and follow-on funding.
KS/MO SBIR GRANTS AWARDS, 5-YEAR AVERAGE
DIGITAL SANDBOX KC
2010-2014
BY THE NUMBERS
Launched in
226 total applicants
46 proof-of-concept projects
$8,000,000
6.1M
$6,000,000
funded for area startups
23
new KC-based companies created
$4,000,000
$2,000,000
2013
2.1M
33 companies have secured
3.5M
3.4M
follow-on investment
$17.7 million in follow-on funding
0
HE
OT
Nearly
R
R
HE
OT
S
SA
I
UR
SO
IS
N
KA
M
KC
S
UI
RO
ET
O
.L
ST
M
181 new jobs created
Missouri and Kansas generally do not take
full advantage of SBIR funding. Missouri
ranks 28 and Kansas 39 in the number of
SBIR grants received since 1982.
The Kansas City metro region also lags
behind other Missouri and Kansas regions
in total dollars. From 2010-2014, Kansas
City was awarded $10,890,619 in SBIR
grants, averaging slightly more than $2
million per year. The St. Louis region
garnered almost three times that amount
at $30,692,854. Even the regions outside
the two major metros outperformed the
KC area.
$5.5 million in total salaries
Digital Sandbox KC was
able to fund only 20.4%
of applications.
WE CREATE CAPITAL
Increase local, state and federal grant funding to
early-stage and R&D focused businesses in the
Kansas City region to $6 million by 2020.
Next
n Fledgling
companies need
community support to be positioned
for later funding and success. It is
critical that we fill the pipeline at the
early stage.
n Few
private investors provide capital
at this stage.
n Digital
Sandbox KC has been very
successful, but is one of the few
sources of capital for this stage.
Raise awareness of Small Business
Innovation Research grants
Maintain Digital Sandbox KC funding
at current levels
Support investment in emerging
grant programs
NOW
$2M
$5M
+
NOW
$600K
$600K
+
NOW
$0K
TOTAL
$2.6M
$400K
$6M
We need more experience and
connectedness...
WHAT’S IT GOING TO TAKE?
INCREASE GRANT CAPITAL
+
upport public and private investment in emerging and
S
existing grant programs.
+
M
onitor, assess and apply for all state and federal
resources that add additional funding pools to the region.
Examples include Regional Innovation Strategies grants
from the U.S. Department of Commerce Economic
Development Administration.
+
B
etter position the community to access public funding,
especially state and federal innovation grants, by creating
a pool of matching funds that can be rapidly allocated to
special projects.
...so that we can take advantage of
tens of millions of dollars in federal
funding that could be supporting
our businesses.
INCREASE ACCESS TO GRANTS
+
reate and implement a strong awareness campaign for
C
SBIR and STTR grants that drives people to existing SBIR/
STTR training seminars.
+
D
evelop a “train the trainer” module to educate
entrepreneurs and resource partners in the Kansas City
region about available grant programs and how to apply
for and win grants.
6
WE CREATE CAPITAL
EQUITY CAPITAL
BUILDING A CONTINUUM FOR
SERIES A
Expansion
Maturity
+
IPO, Acquisition
RE
VE
NU
E
SEED
EARLY-STAGE VENTURE
CAPITAL INFRASTRUCTURE
MEZZANINE
SERIES B
Equity investment in emerging
companies usually comes in stages.
Defining these stages is somewhat
arbitrary, and they can differ based on
industry type and individual company
characteristics. The chart below shows
the typical types of investors found at
each stage as a company goes from
inception to profitability.
SERIES C
Young companies with large market potential often turn to equity investors for
capital. Investors provide capital to these startup and early-stage businesses,
generally in exchange for convertible debt or ownership equity. Investors
seek companies developing differentiated products that address large global
markets, offer an exceptional exit potential in a reasonable period of time and
promise high return on the invested capital.
PRESEED
7
Rapid Growth
+
Banks
Gestation
+
Inception
+
+
BREAK EVEN
Roll Out
Prototype
Venture Capital Firms &
Corporate Investors
Angel Financing
Founders, Friends & Family
For purposes of this report, investments
with series not stated directly were
categorized by deal size as shown.
WE CREATE CAPITAL
The Kansas City region garnered $668,310,000 in
equity investments from 2009–2014. Compared
to other peer cities, Kansas City ranked only 11.
Source: CB Insights
TOTAL EQUITY INVESTMENTS PER METRO (IN THOUSANDS)
2009-2014
Denver
$9,029,190
Austin
$4,908,720
Raleigh
$3,194,740
Portland
$3,117,490
Minneapolis
$2,524,000
Indianapolis
$1,484,070
Nashville
$1,386,540
Pittsburgh
$1,375,130
St. Louis
$1,077,250
Charlotte
$943,130
Kansas City
$668,310
Milwaukee
$411,100
San Antonio
$310,430
Louisville
$309,280
Columbus
$252,487
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
NUMBER OF DEALS BY SERIES, BY YEAR
2009-2014
How many equity deals
does Kansas City have?
100
The number of deals in the Kansas City
region has increased since 2009. IPOs
included QTS Realty, AMC Theatres
and Aratana Therapeutics. Proteon
Therapeutics, Inc., founded in Kansas
City, completed an IPO in 2014 but
by then had moved its headquarters
to Massachusetts. The increase in the
preseed funds in 2013-2014 is due to
the entrance of accelerators in the
community and the establishment
of the Digital Sandbox KC proof-ofconcept center.
75
50
25
0
2009
2010
2011
2012
2013
2014*
n Preseed n Seed (<$1M) n Series A ($1-3M) n Series B ($3-7.5M)
n Series C ($7.5-10M) n Mezzanine ($10-20M) n IPO
*2014 data is underreported due to delays in reporting.
8
9
WE CREATE CAPITAL
SEED CAPITAL
Plotting the location of companies that received
funding in 2014 shows many of the companies
receiving seed investment are located on the
Kansas side of the state line.
Kansas has traditionally had a strong
seed capital system. The combination
of Kansas Technology Enterprise
Corporation (KTEC), the Kansas
Bioscience Authority (KBA) and the
Kansas Capital Multiplier Venture Fund
2014 FUNDED COMPANIES
Seed and Series A
through NetWork Kansas, coupled with
Kansas Angel Tax Credits, provided
support to many early-stage businesses.
WHAT’S THE GAP?
KTEC was dissolved in 2011, and as
of January 2015, KBA is no longer
funding seed rounds and Kansas
angel tax credits are scheduled to
sunset in 2016.
In Missouri, seed funding is currently
available through the Missouri
Technology Corporation’s IDEA Fund
TechLaunch and Seed Capital CoInvestment programs. Most of MTC
funding goes to companies outside
of the Kansas City area.
The Kansas City region has two strong
angel groups, MidAmerica Angels and
Women’s Capital Connection. Started
in 2006 and 2008 respectively, these
groups are composed of approximately
140 angels and have averaged $1.7
million in investment each year.
Value of Investment in
Kansas City Region Companies
by Missouri Technology
Corporation
435
In 2014, 47 companies used $6.1 million
in Kansas angel tax credits. Thirty-six of
those companies were in the Kansas City
metro area. There is a strong correlation
between companies receiving angel
tax credits and receiving funding from
MidAmerica Angels and Women’s
Capital Connection.
5,000,000
435
3,750,000
2,500,000
1,250,000
0
MTC FY13
n KC Region
Kansas
MTC FY14
n Outside KC
Missouri
?
Seed Investments help take a company from
proof of concept to market, build a user base
and begin scaling. Investment ranges from
$250,000 to $1 million.
Angel investors are high net worth individuals
who provide capital to high growth potential
startup and early-stage businesses, usually
in exchange for equity or convertible debt.
Angels generally invest their own money,
often making investments in the range of
$5,000 to $100,000.
Super Angels are experienced investors
with greater means than angels that either
invest their own capital or invest larger
amounts cooperatively with other like-minded
individuals. They often fill the $250,000-$1
million funding gap.
.
WE CREATE CAPITAL 10
Increase seed capital investments to more
than $10 million per year by 2020.
Next
n We are losing sources of seed capital
in the region.
n Policy makers will be important in
helping to fill this gap.
n Angel tax credits work. Companies
with access have been successful in
securing funding.
n Missouri Technology Corporation
funds are underutilized.
Double number of angel investors;
double investment
Establish a new $5 million seed
capital fund
Establish a new “super angel”
investor group
Increase investment in local
accelerators
Increase access to MTC, NetWork
Kansas and KBA funds
NOW
$1.7M
$5M
+
NOW
$0M
$5M
+
NOW
$0M
$1M
+
NOW
$180K
$500K
+
NOW
$1M
TOTAL
$2.9M
$2M
$10
TO
$13.5M
WHAT’S IT GOING TO TAKE?
INCREASE SEED CAPITAL
INCREASE ACCESS TO SEED CAPITAL
+
ork with emerging and existing angel capital groups to
W
increase membership.
+
C
onduct networking events that increase the
interconnectedness and contributions of local investors.
+
xtend the angel investor tax credit program in Kansas at
E
the current funding level; establish an angel investor tax
credit program in Missouri.
+
+
Add capacity to organizations that support angel groups.
+
C
onvene an ad hoc group of attorneys, investors and
resource partners to provide insight on angel investment
terms and obstacles to closing angel investment deals in the
region and educate the community on angel investment deal
structures.
rge ultra high net worth individuals to come together as a
U
super angel network with a visible gatekeeper.
+
D
evelop a “train the trainer” module to educate investors,
service providers and entrepreneurs in the Kansas City
region about angel investing and how to seek and obtain
angel investments.
+
everage the qualified early-stage evaluation teams at local
L
organizations to vet deals.
+
oalesce early-stage investors into a new $5 million seed
C
fund to be located at an existing organization.
+
aintain and increase seed stage investment funds that exist
M
at the Missouri Technology Corporation, Kansas Bioscience
Authority and NetWork Kansas.
11
WE CREATE CAPITAL
VENTURE CAPITAL
In Kansas City during the past five years, most
preseed investments for which investors were
reported came from the Kansas City area. Nebraska
shows up prominently in the early rounds, as do other
Midwestern cities. East and West Coast investment
sources are more prevalent in later rounds.
A variety of efforts have attempted to
bring more local, later-stage dollars to
area startups to help keep companies
in our region. For example, Kansas
Bioscience Authority (KBA) in 2009
established a “fund-of-funds” program
that made limited partner investments
in venture capital funds located outside
the region in exchange for a pledge
to establish a regional office. This
encouraged several firms to establish
regional offices. However, this program
was ended and most offices have closed.
Recently Flyover Capital, a new venture
capital firm, closed a $43 million
fund that seeks to make investments
of $500,000 to $3,000,000 and is
an important step in addressing this
regional funding gap. To be competitive,
the region needs additional funds of
this size or larger headquartered in
the region.
WHAT’S THE GAP?
The Kansas City region is far below
national and regional peer regions
in venture capital (VC) investment.
This lack of capital can lead to
the relocation of promising young
companies to other regions.
NUMBER OF INVESTORS IN KC COMPANIES
By Location of Investors, 2009-2014
60
50
40
30
20
10
0
KC AREA
MO/KS
NEBRASKA
OUTSIDE REGION
n Preseed n Seed (<$1M) n Series A ($1-3M) n Series B ($3-7.5M) n Series C ($7.5-10M) n Mezzanine ($10-20M)
?
Venture Capital Firms comprise “general
partners” who invest funds provided by
other “limited partner” investors. Examples
of limited partners include pension funds,
insurance companies, foundations and ultra
high net worth individuals. Venture capitalists
generally make larger investments than
angels, usually from $1 million to $10 million.
Discussions with investors indicate
that additional venture capital may be
forthcoming if more assistance with
due diligence were available from
others with experience in selecting,
managing and reporting on investments.
Additional early-stage capital could be
developed if experienced managers
could be identified and agree to take on
the management of additional funds.
WE CREATE CAPITAL 12
Double the number of venture capital
investments of $1 million-$10 million in the
Kansas City region by 2020.
Next
n Corporate, foundation and individual
investors need to understand
investing at this level to coalesce
around Flyover Capital and a
new fund.
n Experienced fund management will
be needed for a new fund.
n Underutilized federal programs
through the U.S. Small Business
Administration (SBA) could provide
growth capital.
n Kansas City needs an experienced
investment firm to take advantage of
SBA funding.
n Flyover Capital is currently building
an investment portfolio and provides
opportunity for developing needed
experience for federal funding.
Increase investment in Flyover
Capital I and add Flyover Capital II
Establish a new $50 million venture
capital investment fund
Maintain offices for at least two
venture capital firms headquartered
outside of region
NOW
$43M
$80M
+
NOW
$0M
$50M
+
NOW
$20M
$0M
+
Position to apply for matching U.S.
SBA SBIC Early Stage License
NOW
$0M
TOTAL
$43M
$50M
$180
TO
$200M
WHAT’S IT GOING TO TAKE?
INCREASE VENTURE CAPITAL
+
oalesce individual, corporate and foundation investors into
C
Flyover Capital and a new fund of $50 million with trusted
due diligence.
+
romote entrepreneurs and regional deals to regional,
P
national and international venture capital firms to drive
investment in the Kansas City region resulting in increased
capital access and the presence of a regional office for a
fund headquartered outside of Kansas City.
+
upport round two of Flyover Capital or other fund to
S
position the community with the necessary experience to
apply for SBIC Early Stage License funding.
+
Increase the amount of capital available for regional
investment by Kansas Bioscience Authority, NetWork Kansas
and Missouri Technology Corporation. Increase the success
of regional companies in accessing these statewide
capital sources.
INCREASE ACCESS TO VENTURE CAPITAL
+
Convene an ad hoc group of attorneys, investors,
entrepreneurs and resource partners to provide insight
on venture capital investment terms and obstacles to
closing venture capital deals in the region and educate the
community on venture capital deal structures.
13 WE CREATE CAPITAL
INCREASE ACCESS TO
EXISTING CAPITAL
WHAT ELSE IS IT GOING TO TAKE?
The reach of an entrepreneur’s social network in
Kansas City is an important asset when raising funds as
many connections are made through trusted referrals.
A well-connected community can
improve the success of both the
entrepreneur in accessing funds and
the investor in finding the right deals.
In the Kansas City region, market
fragmentation makes it difficult for
entrepreneurs to identify and access
appropriate funding sources.
According to research by Ted Zollar,
professor at the University of North
Carolina and Kauffman Foundation
Fellow, Kansas City’s entrepreneurial
nodes are not as connected as in more
established entrepreneurial hubs in
the country.
In Kansas City,
entrepreneurs are not
connected to investors
and investors are not
connected to other
investors.
In this inefficient market, pathways to
equity investments pass through a set
of gatekeepers. These individuals and
organizations have knowledge of who
invests at what stage, what types of
opportunities certain investors look for
and how a company needs to prepare
for the “pitch.”
Ways to improve the efficiency of
this market include better connecting
investors to enhance deal sharing,
encouraging more seed investors
to join angel groups and investing
in accelerators. Education for both
entrepreneurs and investors can increase
the understanding of the types of deals
certain investors prefer and their desired
stage of investment. The formation of
additional angel investor groups, seed
funds and venture capital funds that
are publicly “open for business” could
increase the amount of capital available.
WHAT CAN WE DO?
+
ncourage regional investors to “put out their shingle” and publicize investment
E
approaches, portfolios and investment levels.
+
valuate the use of technology to make deals more visible to individual investors
E
and entrepreneurs in the region providing better visibility of who is being funded by
whom to larger audience.
+
Create a systematic deal-tracking method to validate the yearly level of investments.
+
repare a comprehensive set of resource materials on raising capital in the
P
Kansas City region and make it available to entrepreneurs, investors and support
organizations. Promulgate best practices on deal structure and terms.
+
ork with existing organizations that provide specialized education programs that
W
support access to capital and increase referrals to those programs through a strong
awareness campaign.
WE CREATE CAPITAL 14
W
e need to take a step
today or our tomorrow
will look the same.
— MATT CONDON, CEO and Founder
ARC Physical Therapy+ and Bardavon Health Innovations LLC
& Champion of the Greater Kansas City Chamber’s Big 5 Entrepreneurship Initiative
Next
Increase the availability of
alternative loans
NOW
$3M
$10 to
$17M
+
Increase local, state and federal
grant funding to early-stage and
R&D-focused businesses
NOW
$2.6M
$6M
+
Increase seed capital investments
NOW
$2.9M
Double the number of venture capital
investments of $1 million-$10 million
$10 to
13.5M
+
NOW
$43M
$180 to
$200M
This report was developed through a
­collaborative effort of the KCSourceLink
network over 12 months. Many people
contributed data and feedback. We thank
them all. The data included is incomplete —
we continue to find new information daily.
For the complete report and references,
please go to wecreatekc.com.
with support from
“This Report was Prepared under an Award
from the US. Department of Commerce Economic
Development Administration”
“This publication was prepared by the University of
Missouri-Kansas City Innovation Center. The statements,
findings, conclusions, and recommendations are those of
the author(s) and do not necessarily reflect the views of
the Economic Development Administration.”
June 2015
Download the full report at wecreatekc.com